Should I sell my 05 GT before milage exceeds 100K?

[LordBritish]

Currently I have around 72K miles on my 05 GT.

I've heard that the resale value of cars really plummets after 100K miles. I guess it's from the old days when cars were on borrowed time after 100K miles.

I'm rather disappointed on how much these cars have depreciated.

I'll be lucky to get $13K if I sell this car myself

 

[KatoS197]

There's not really a right or wrong answer to your question.

Yes, a vehicle's resale value plummets after 100K mi. because it gets a lot more difficult to have a loan approved for a vehicle with that kind of mileage. You actually have to have stronger credit than you think to finance a car with that kind of mileage because the banks view cars with that kind of mileage as a higher risk.

Overall, the question is: Do you want to keep it or not? What's your goal as far as owning a Mustang? My had 130K+ mi. on it and I'd still have it had it not been totaled by someone.

 

[weather man]

Any car after 100k take a hit. If you like your car, just start doing little mods to freshen/tighten it up. If you're not particularly attached, upgrade to newer.

 

[nbk13nw]

160k + on my 05 and still loving it.

 

[06 T-RED S/C GT]

Even with your 05 at 70k miles, the resale value will still take a significant hit anyhow due that your car is now over 10 years old.. Therefore it's not just the mileage but the age as well.. If you really like the car and don't have to sink tons of money into it ? I'd keep it for sentimental reasons and continue doing some performance and appearance mods here and there to keep your 05 current and more up to date..

 

[IndyEric]

sucks even nicer well kept cars like ours are going for around 8k, keep it if you like it, got 72k miles on mine with tasteful mods done right and doubt I could get 9k, fuck it I own it

 

[eighty6gt]

Nightmare scenario for me is totalling the car while driving. Worth $25,000 to me, cost much more than that to replace, insurance would pay out 9, maybe.

 

[808muscle]

Nightmare scenario for me is totalling the car while driving. Worth $25,000 to me, cost much more than that to replace, insurance would pay out 9, maybe.

Time to get Hagerty insurance.

 

[mac10chap]

Nightmare scenario for me is totalling the car while driving. Worth $25,000 to me, cost much more than that to replace, insurance would pay out 9, maybe.

Get classic car insurance if it's not your daily. I've got classic car insurance on mine, and I get to make the choice on how much I get if it's totaled or stolen. I set the value to $20,000 and still only pay $500/yr.

 

[mac10chap]

Time to get Hagerty insurance.

Damn....treed. lol

 

[weather man]

I had farmers add a supplemental policy.

 

[Wes06]

Get classic car insurance if it's not your daily. I've got classic car insurance on mine, and I get to make the choice on how much I get if it's totaled or stolen. I set the value to $20,000 and still only pay $500/yr.

Damn and that's cheaper than in paying. Lol

Limited on miles etc?

 

[fdjizm]

103k here, never selling it so zero fucks given and it will be raced till my feet don't work anymore

 

[eighty6gt]

Hagerty won't insure DD's, not sure what the mileage limit is. My Mustang is going to be my only vehicle with plates in the summer.

Just have to hope for the best, if the worst does happen do a Sqwerl and part it out, get a different S197, move all the parts over, go again.

 

[skaarlaj]

I don't think anything magical happens to the value just because of the 100k mark. Yes, I'd take your car with 72K miles over a similar car with 100k, but I'd also take a 131K car over a 145K car for similar prices. If you still enjoy your car, keep it, it'll never be worth what you think it is. If you're wanting something newer, do it sooner than later, your car's almost always worth more today than it will be tomorrow. I'd maybe drive a coyote era car and see if you like it much better, if not, keep the one you have, it's paid for!!

 

[darrens07gt]

103k here, never selling it so zero fucks given and it will be raced till my feet don't work anymore

LOL, Best reply in this whole thread right there!

IMO you need to decide whether you want to get a newer car now or in the near future. If you do then trade it in or sell it privately and put the proceeds down on a 5.0 or something.

But if you're happy with your car then just drive it like you stole it until the day it needs to be put to rest in a junk yard.

 

[05gtowner]

I know when I was thinking of trading in my 05 it was at 97K and I got offered almost 11K. I waited a few months and a few thousand miles then started looking again at 11-13 mustangs and the best offer I got on mine was $8,750. So it does hit the cars pretty hard. Now that the 4.6 S197's are at least three revisions old (11-12's, 13/14's and now the S550) you aren't going to get great money for them anymore.

 

[06 T-RED S/C GT]

Hagerty won't insure DD's, not sure what the mileage limit is. My Mustang is going to be my only vehicle with plates in the summer.

Just have to hope for the best, if the worst does happen do a Sqwerl and part it out, get a different S197, move all the parts over, go again.

From my understanding.. You cannot get classic car insurance unless the vehicle is 20 years old and up anyhow..

 

[LordBritish]

I was thinking about trading in my 05 GT for a 09/10 BMW M3 (E92?)

Getting tired of driving my old Stang. Wanna see what ze German technology is like.

 

[braupe]

Get classic car insurance if it's not your daily. I've got classic car insurance on mine, and I get to make the choice on how much I get if it's totaled or stolen. I set the value to $20,000 and still only pay $500/yr.

Can I ask who your insurer is?